TM Tellworth UK Select

Seb Jory and John Warren assumed management of the fund on 12^th December 2019 and since then have delivered impressive returns across contrasting market environments. The strategy is a low net, bottom-up stock-picking fund complemented by a data-driven business cycle approach. The investment universe is UK stocks principally in the FTSE 350 with a market cap greater than £500mn and up to c. £10bn. The universe is initially narrowed with an array of quantitative tools, the most important being the ‘UK Thermostat’, a suite of alternative data models applied to give an indication of the UK macro landscape. Following this, the team use a proprietary accounting screen and other factor screens to further focus attention, before undertaking a large number of company meetings (c.350 a year). These meetings, along with rigorous fundamental analysis helps the team assess the relative attractiveness of a company’s valuation. The fund aims to generate an annual return of 8-10%, with volatility between 5-7%, and will typically have 35 shorts and 35 longs, a gross exposure between +110% to +150% and a beta adjusted net between -10% - +10%.